Former Financial Advisor Sentenced for $10M Fraud Scheme
A former financial advisor, Ejiroghene O. Okuma, has been sentenced to seven years and four months in prison after pleading guilty to defrauding an elderly client of nearly $10 million. The scheme began when Okuma was employed at Edward Jones in Atlanta and continued during his tenure with Equitable Advisors until 2023. He exploited the trust placed in him by setting up unauthorized accounts, misappropriating funds from a brokerage account, and using them for personal expenses such as real estate purchases and luxury memberships. Okuma’s fraudulent activities came to light when the victim attempted to review their financial records with Equitable Advisors but discovered discrepancies. The U.S. Attorney emphasized that this case serves as a warning against fiduciary misconduct targeting vulnerable individuals. In addition to his prison sentence, Okuma has agreed to pay $13 million in disgorgement and penalties under an SEC settlement.
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Topics: financial crime fraud legal action